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Heading South

EURUSD TECHS
  • RES 4: 1.1005 High Aug 11
  • RES 3: 1.0945 High Aug 30 and reversal trigger
  • RES 2: 1.0810 50-day EMA
  • RES 1: 1.0719/69 20-day EMA / High Sep 12
  • PRICE: 1.0559 @ 05:45 BST Sep 27
  • SUP 1: 1.0551 Low Mar 16
  • SUP 2: 1.0516 Low Mar 15 and a key support
  • SUP 3: 1.0484 Low Jan 6
  • SUP 4: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg

The EURUSD trend condition is bearish and the pair traded to a fresh cycle low again yesterday, extending the current bearish run. The recent clearance of 1.0632, the Sep 14 low, confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Sights are on 1.0551 next, the Mar 16 low. Initial firm resistance is 1.0705, the 20-day EMA.

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